San Diego-based developer OliverMcMillan has secured a $167 million syndicated construction loan, led by PNC Capital Markets, LLC, to finance construction on Buckhead Atlanta, the luxury retail, residential and office development, the company announced. The loan will cover the full construction of the six-block, 8-acre complex. Five lenders are involved, including PNC Bank, N.A., CIT Finance LLC, Compass Bank, Regions Bank, and SunTrust Banks.
“We are so pleased to continue to move forward with great momentum,” said Morgan Dene Oliver, chief executive officer of OliverMcMillan said in a press release. “We’re extremely thankful to all of the talented individuals who have helped us to get to this point in realizing our vision for this world-class mixed-use project.”
While construction began in August 2012, pace on the project is now increasing. Shops are anticipated to begin opening in mid-2014.